Clearstream Banking

Clearstream is the post-trade business of Deutsche Börse Group, providing securities settlement, custody and fund services. Clearstream operates central securities depositories in Germany and Luxembourg as well as an international central securities depository.

Banks, brokers, custodians and fund providers use Clearstream to complete transactions and administer the securities they hold. After a trade, settlement transfers the securities and the payment, while custody and asset servicing maintain holdings and handle events such as interest payments. Clearstream connects these institutions to multiple markets through shared infrastructure.

Two depositories and their names

Clearstream Banking S.A. started as Cedel, which 66 financial institutions set up in 1970 to settle cross-border securities trades with less risk. Cedel merged with the settlement business of Deutsche Börse, the combined firm took the name Clearstream on 10 January 2000, and Deutsche Börse has owned all of it since 1 July 2002. As an international central securities depository it handles Eurobonds and gives access to many domestic markets.

The German depository goes back to the Frankfurter Kassenverein of 1949. Under the name Clearstream Banking AG it was the central securities depository for German securities, and in September 2025 it became Clearstream Europe AG. Clearstream reports securities from more than 60 markets.

Settlement in central bank money

German securities settle in TARGET2-Securities, the Eurosystem platform that settles the securities leg and the cash leg in central bank money together. The Bundesbank announced the migration of the German market to T2S with Clearstream Banking AG. The answer Clearing vs settlement explains where clearing ends and settlement begins, and TARGET2 and TIPS covers the Eurosystem side.

Funds, collateral and digital securities

Vestima is the platform of Clearstream for fund orders, settlement and custody, and Clearstream says it covers more than 245,000 funds in over 55 fund markets. The securities services of Clearstream include collateral management, securities lending and liquidity tools for the collateral that banks pledge in repo and credit operations.

D7 is the platform of Clearstream for issuing and holding securities in digital form. The first issue on D7 was a KfW bond under the German Electronic Securities Act, and D7 DLT adds a distributed ledger for commercial paper and medium-term notes. Clearstream also offers bitcoin and ether custody to institutional clients of Clearstream Banking S.A., with Crypto Finance as sub-custodian. Deutsche Börse runs further crypto and digital asset services through Crypto Finance and 360X, and German law sets its own steps for issuing tokenized securities.

Upcoming capital markets and digital assets events in Frankfurt

Where post-trade topics meet

Tokenized securities, digital bonds and settlement in central bank money are on the program of the Crypto Assets Conference, which Frankfurt School and Deutsche Börse Group host together in Frankfurt, and of the Frankfurt Forum on Digital Assets & Applications. Finance Loop was a partner of CAC 2026. The page on tokenization in Frankfurt lists further meeting points in the city.

What is Clearstream Banking?

Clearstream Banking S.A. is the international central securities depository of Deutsche Börse Group in Luxembourg. Clearstream Banking S.A. settles and holds securities, mainly Eurobonds and cross-border holdings, and offers collateral management and fund services.

What is the difference between Clearstream Banking S.A. and Clearstream Europe AG?

Clearstream Banking S.A. in Luxembourg is an international central securities depository for cross-border securities. Clearstream Europe AG, formerly Clearstream Banking AG, is the central securities depository for German securities and settles them through T2S.

What is Clearstream D7?

D7 is the platform of Clearstream for issuing and processing securities in digital form without a paper global note. D7 DLT is its variant on a distributed ledger for tokenized commercial paper and medium-term notes.

Does Clearstream hold crypto assets?

Clearstream holds crypto assets for institutional clients of Clearstream Banking S.A. Clients use their existing Clearstream account, and Crypto Finance (Deutschland) holds the coins as sub-custodian.